Duke Energy asks state regulators to approve 7.2% rate increase

INDIANAPOLIS (WISH) — Some Indiana residents could see higher power bills this fall.

Duke Energy, which received approval in June to raise rates by 16% between July and December, is requesting a 7.2% rate increase for customers beginning in October, according to documents filed last week with the Indiana Utility Regulatory Commission.

Duke says in its filing, “The factor being proposed in this proceeding represents an increase of $11.71 or 7.2% over what such customer is paying today and an increase of $40.22 or 29.8% over what such customer paid for the same period last year.”

The utility company asked for the rate increase as part of its quarterly Fuel Adjustment Clause tracker. The tracker allows utility companies to request rate adjustments based on fluctuations in fuel costs.

“Duke Energy Indiana has made every reasonable effort to acquire fuel and generate or purchase power or both so as to provide electricity to its retail customers at the lowest fuel cost
reasonably possible,” the filing reads. “Actual increases in…fuel costs for the 12 months ended May 31, 2022, have not been offset by actual decreases in other operating expenses.”

Should Duke’s request be approved by the IURC, the new rates would take effect in October and remain through March 2023.